Bon-Ton Stores Inc. bondholders plan to make a $650 million joint bid for assets of the department-store chain with liquidation firm Great American Group, a lawyer for the bondholders said yesterday, WSJ Pro Bankruptcy reported. The group of second-lien bondholders will use the $100 million value of their bonds as part of the consideration, in a credit bid for the company, the attorney, Sidney Levinson, told the U.S. Bankruptcy Court in Wilmington, Del. The bondholders and Great American plan to liquidate the business if their bid prevails in an upcoming sale process, Levinson said. Meanwhile, the retailer is continuing to search for a strategic investor to keep part of the department-store chain alive after bankruptcy. The company, which filed for chapter 11 protection in early February after years of declining sales, has already said it would close 42 of its 260 stores.
